The Quebec government has authorized the province’s real-estate brokers to get back to work during the COVID-19 pandemic, but it won’t exactly be business as usual.
The brokers have been granted permission to work only on transactions deemed to be a priority, defined as those that must be completed before July 31.
The Organisme d’autoreglementation du courtage immobilier du Quebec (OACIQ), the agency that regulates real-estate brokers in Quebec, said it has sent directives to ensure that public-health orders put in place during the pandemic are respected.
Open houses are not allowed, and in-person visits and home inspections must respect physical distancing guidelines.
No broker, or any party involved in a physical interaction regarding a transaction, can have COVID-19 or any of its symptoms and must sign a document attesting to that.
During in-person visits, the current occupants of a property must wait outside. Only one person can enter the property along with the broker, maintaining a two-metre distance at all times. No children or people over 70 may take part in a visit.
Parties involved in a transaction must also sign a document confirming that the sale is urgent.
The brokers are also being asked to work remotely as much as possible.
Brokers who do not respect the directives could face disciplinary measures from the OACIQ, which is reminding its members that not respecting the current public health orders means breaking the law.
Despite the challenges, Edmonton area real estate values 'have held up extraordinarily well' – Edmonton Journal
I have to say the Edmonton area real estate market has surprised me.
When you consider the onslaught we have had in the past five years — oil price crash, more than 100,000 job losses, fires, floods, domestic and international trade disputes and then COVID-19, I would say the Edmonton and area real estate values have held up extraordinarily well.
We apologize, but this video has failed to load.
Since 2014, we’ve only seen modest declines in prices, with single family homes declining the least. Edmonton remains Canada’s most affordable major city with one of the highest average incomes.
Other Canadian cities have seen significant price gains in the same time period creating a bigger difference in real estate values between regions. We have had clients who can work anywhere and chose Edmonton as they can afford much nicer living quarters here for the same money.
Given the lower prices and interest rates combined with rising rental demand, it is easier for investors to get positive cash flows. We are seeing investors looking at condos for their positive cash flow. This fact will help to support our real estate values.
Toronto and Vancouver Real Estate Inventory May Get A Boost From AirBNB Slowdown – Better Dwelling
Canadian real estate markets may be getting another inventory headwind soon. National Bank of Canada (NBC) research estimates AirBNB hosts may contribute to oversupply later this year. As the slowdown impacts hosts, many may be incentivized to sell. By their estimates, just a quarter of hosts selling would cause inventory in cities like Toronto and Vancouver to swell.
AirBNB and Housing Inventory
AirBNB helps homeowners take existing housing stock and convert it to short-term rentals. Rather than staying in hotels, travelers can now stay in existing non-hotel stock. At first, it wasn’t a big issue when just a few people were doing it. As the platform expanded, people began buying additional housing just to operate short-term rentals. By repurposing housing that would otherwise be long-term units, cities now need additional housing. Basically, short-term rentals lead to an inventory squeeze, pushing rents and prices higher. Temporarily at least, for as long as the squeeze persists. That squeeze could end as quickly as travel did.
The Travel Industry Expects A Big Slowdown
The travel industry doesn’t expect travel to recover quickly from the pandemic. The US has approved some routes cutting plane traffic up to 90% until September. The IATA, the trade association for international airlines, also doesn’t see traffic returning to 2019 levels until at least 2023 – at the earliest. What does this mean? Fewer users of short-term rentals, and more competition from hotels for those travelers. All of this can have a big impact on real estate inventory, according to NBC numbers.
Canada’s Biggest Real Estate Markets May See Inventory Spike
If just a quarter of AirBNB inventory is sold off, NBC sees a lot more real estate listings on the market. In Vancouver, the bank estimates real estate listings would rise 12%. Montreal would see an increase of 27% in resale listings. Toronto is another story though, with inventory forecasted to rise a whopping 34%. That’s with just 25% of AirBNB exiting as hosts.
AirBNB Boost To Canadian Real Estate Inventory
The potential increase in real estate listings if 25% of AirBNB properties were listed for sale.
Source: National Bank of Canada, Better Dwelling.
The boost is another headwind for inventory rising later in the year. Inventory was already expected to rise in the coming few months. NBC economists believe this would be “exacerbating oversupply in the coming months.”
Like this post? Like us on facebook for the next one in your feed.
How Is The Real Estate Market In Muskoka Post COVID19 – Hunters Bay Radio
In a brand new video podcast series, Gerry Lantaigne with Sutton Group – Muskoka Realty discuses the world of real estate in Muskoka during the Coronavirus pandemic.
Join Gerry every month as he updates you on The State of Real Estate
Watch the inaugural episode here:
UFC 250 bonuses: Cody Garbrandt, Sean O’Malley earn bonuses for dramatic one-punch knockouts – MMA Fighting
No new coronavirus cases in Manitoba on Saturday – Globalnews.ca
Mother mystified by Winnipeg toddler's 'terrifying' condition after coming down with COVID-19 – Yahoo News Canada
- Tech8 hours ago
New release date for Call of Duty: Modern Warfare Season 4 has been leaked – PCGamesN
- Sports16 hours ago
Donald Trump says Drew Brees shouldn't have backed off flag comments – CBC.ca
- Tech15 hours ago
iOS 14 roundup: What we know before WWDC 2020 – 9to5Mac
- Tech22 hours ago
New Redmi 9 alleged prices are ridiculously cheap for a smartphone with a quad-camera setup and 8-core MediaTek Helio G80 SoC – Notebookcheck.net
- Tech21 hours ago
Apple iOS 13.5.5 Can’t Come Soon Enough: Here Are 3 Reasons Why – Forbes
- Economy19 hours ago
Don’t Lose the Thread. The Economy Is Experiencing an Epic Collapse of Demand. – The New York Times
- Economy7 hours ago
Guardians of the World Economy Stagger From Rescue to Recovery – Yahoo Canada Finance
- News22 hours ago
Provincial border bans during pandemic anger barred Canadians, spark lawsuits – CBC.ca